"Last week European markets fell sharply by three to four percent and that created a domino effect in global equity markets.
VOA: standard.2010.05.17
If we want to look going forward at the equity premium, we have to know how much--what's the politics?
如果想预测未来的股权溢价是多少,我们必须知道...政治环境将会如何
And then use that to sort of decide if I want to go back to private equity
然后,决定是否要入股,
Equity markets are on the rebound, international trade and industrial production are rising and banks are starting to lend again.
VOA: standard.2010.01.21
That would mean that companies should try to push their debt-equity ratio up as high as possible given that theory.
这个理论意味这公司将,尽力提高负债权益比
"Banks will no longer be allowed to own,invest or sponsor hedge funds, private equity funds or proprietary trading operations for their own profit, unrelated to serving their customers,".
VOA: standard.2010.01.21
And that's a difference in authorship. So if you look, for example, at the prologue to the laws of Ur-nammu: An and Enlil gave kingship to Ur-nammu, but Ur-nammu is said to establish equity and the laws.
这是由作者决定的差别,例如,在吾珥南模法典的,序言里提到,安努和恩利勒将王位传给了吾珥南模,但据说是吾珥南模建立了衡平法和这部法典。
"In recent years, too many financial firms have put taxpayer money at risk by operating hedge funds and private equity funds and making riskier investments to reap a quick reward.
VOA: standard.2010.01.21
The overall conclusions are that, with respect to asset allocation, you want to create an equity-oriented diversified portfolio.
总而言之,在资产配置方面,你要创造一个股权导向的多元化投资组合
During this period, Hooks helped articulate the group's positions on racial equity in hiring and school admissions and the creation of a national holiday to honor the late Martin Luther King,Jr.
VOA: standard.2010.04.16
You also don't know that they'll give them to the equity owners they won't squander in the future.
你也不知道,他们是否能够兑现股票持有者,它们不会挥霍未来。
What we call this is the--I want to emphasize it, I'll write this again--the equity premium puzzle.
我们称之为...我想强调一下,我再写一次,股权溢价之谜
There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.
其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较
Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.
如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点
But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.
当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊
So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.
于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用
The equity orientation drove the returns but the diversification allowed us to deliver those returns in a stable fashion, which is incredibly important for an institution like Yale that requires a steady supply of funds to finance its operations.
股票导向型投资会推动收益率上升,但多元化能让收益更平稳,这对于耶鲁这样的机构极为重要,因为它需要稳定的资金供给,为学校运营提供财务支持
When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.
当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的
If you want to buy the company you have to buy up all the debt and all the equity.
如果你想买下公司,你必须买下所有的负债和股票
If you really want to buy the company, you buy up all its equity-- all of its shares--and all of its debt.
如果你想买下公司,就得买下所有股份,所有的股票,还有所有的债务
What I want to do, I want to talk about Jeremy Siegel's book and the equity premium puzzle.
接下来我要做的是,我想谈论下杰里米·西格尔的书,和股权溢价之谜。
You have an incentive to say, because you're the equity holder, you have an incentive to say, hey why don't I just take some big gamble here and not tell anybody.
因为你是这家公司的股东,可能就有动力促使你这样想,我干嘛不来赌上一把呢,我不会告诉别人的
Over the past twenty years, we've generated 15.6% per annum return, but that headline number obviously has a lot to do with the equity orientationof the portfolio but doesn't describe the importance of the diversification.
过去20年间,我们的年收益率达到15.6%,虽然媒体头条报道这一收益率,总强调与投资组合的股权导向有很大关系,但没有描述出投资多元化的重要性
For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点
Incidentally, did I ever--equity equals shares or stock, so when I talk about debt-equity ratio, I'm talking about the ratio of the value of the company's debt to the value of all of its stock.
顺便说下,普通股就是股票,负债权益比就是,就是公司负债价值,除以股票总价值
A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.
根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比
The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.
理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买
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